Sanwo-Olu tasks MSMEs on harnessing government opportunities
Governor Babajide Sanwo-Olu of Lagos State has charged Micro, Small and Medium Enterprises (MSMEs) on harnessing opportunities put in place by the state to enable their businesses thrive and compete globally.
Sanwo-Olu gave the charge while declaring open the Eighth Lagos MSMEs Exclusive Trade Fair organised by the Ministry of Commerce, Cooperatives, Trade and Investment.
The exclusive trade fair with the theme: “Empowering MSMEs for AfCFTA Excellence Through Sustainable Economic Growth” was held on Tuesday at Ikoyi, Lagos.
The Governor represented by his deputy, Dr Obafemi Hamzat stated that his administration had put in place deliberate policies intended to support the MSMEs to meet the target of exporting to African countries and beyond.
“MSMEs are crucial to the growth and development of a country’s economy.
“They are a major source of job creation, innovation, and economic growth.
“However, they are often faced with significant challenges such as funding, poor road networks, epileptic power supply among others that can hinder their success or worse, lead to closure,” he said.
Sanwo-Olu, therefore, assured that the economic policies would increase the productivity of entrepreneurs, improve the well-being of residents and set the state on the path of sustainable economic growth.
The Governor also stated that the government was setting up the State Technical Working Group on African Continental Free Trade Area (AfCFTA) comprising the representatives of both the public and private sectors.
According to him, the state is going beyond this to identify new opportunities for diversification and value chain development available under the agreement, along with complementary actions needed to overcome existing constraints to intra-African trade.
He added that his administration would designate a cluster for selected exportable products and provide the required system, including collaborations with relevant Federal Government agencies, to facilitate the export of MSMEs products.
Sanwo-Olu charging the MSMEs on best practices, identified branding and proper packaging of products as being imperative to boost businesses.
He also urged the Small and Medium Enterprises Development Agency of Nigeria to focus more on MSMEs.
Earlier in her welcome address, the Commissioner for commerce, cooperatives, trade and investment, Mrs Folashade Ambrose-Medebem said the government would continue to prioritise initiatives, foster relationships and create an enabling environment for businesses to thrive in the state.
She noted that MSMEs constitute 95 to 98 percent of all businesses, generate 50 percent of Gross Domestic Product and create between 60 to 70 percent of all jobs.
The Commissioner said with the state government investing in the capacity building of MSMEs, they were not only empowering local businesses but also laying the foundation for Lagos state to become a hub for regional trade and investment.
“By enhancing the capacities of our MSMEs, we contribute to job creation, poverty reduction, and overall economic prosperity of the nation.
“A vibrant MSMEs sector will lead to increased productivity, attracting domestic and foreign investments, and positioning Lagos as a strategic player in the African economic landscape,” she said.
